By Danni Haizal Danial Donald
KUALA LUMPUR, Nov 27 (Bernama) -- The crude palm oil (CPO) futures contract on Bursa Malaysia Derivatives ended higher for the third consecutive day, a trader said.
Palm oil trader David Ng said concerns over the sluggish production pace keep the market sentiment positive.
“We see price supported at RM4,700 a tonne and resistance at RM4,850 a tonne,” he told Bernama.
Mumbai-based Sunvin Group commodity research head Anilkumar Bagani said CPO futures were seen trading sideways to higher, following sharply higher soybean futures on the Chicago Board of Trade.
Additionally, Xinhua reported that soybean futures closed higher on Wednesday in daytime trading at the Dalian Commodity Exchange.
“The most active soybean contract month for January 2025 delivery gained 11 yuan (about US$1.53) to close at 3,906 yuan per tonne,” the report said.
At the close, the spot-month December 2024 contract increased by RM77 to RM4,928 per tonne, January 2025 rose by RM70 to RM4,870 per tonne, and February 2025 climbed by RM63 to RM4,798 per tonne.
The March 2025 contract advanced by RM58 to RM4,708 per tonne, April 2025 improved by RM50 to RM4,614 per tonne, and May 2025 surged by RM42 to RM4,522 per tonne.
Trading volume increased to 81,832 lots from 75,291 lots on Tuesday, while open interest shrank to 230,207 contracts from 233,557 previously.
The physical CPO price for December South increased by RM50 to RM5,000 per tonne.
-- BERNAMA
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